Mitsubishi UFJ Asset Management Co. Ltd. Buys 17,724 Shares of Cincinnati Financial Corporation $CINF

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Cincinnati Financial Corporation (NASDAQ:CINF) by 5.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 348,776 shares of the insurance provider’s stock after buying an additional 17,724 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Cincinnati Financial were worth $55,141,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Cincinnati Financial by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 19,572,511 shares of the insurance provider’s stock valued at $2,914,738,000 after acquiring an additional 317,033 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Cincinnati Financial by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 6,470,538 shares of the insurance provider’s stock valued at $963,594,000 after purchasing an additional 106,266 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Cincinnati Financial by 4.2% during the second quarter. Bank of America Corp DE now owns 2,011,505 shares of the insurance provider’s stock valued at $299,553,000 after purchasing an additional 80,487 shares in the last quarter. Norges Bank bought a new stake in shares of Cincinnati Financial during the second quarter worth about $235,714,000. Finally, Johnson Investment Counsel Inc. grew its holdings in shares of Cincinnati Financial by 2.8% during the third quarter. Johnson Investment Counsel Inc. now owns 1,405,680 shares of the insurance provider’s stock worth $222,238,000 after purchasing an additional 37,913 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CINF has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of Cincinnati Financial from $180.00 to $191.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Cincinnati Financial in a research note on Monday, December 29th. Piper Sandler boosted their price objective on shares of Cincinnati Financial from $150.00 to $157.00 and gave the stock a “neutral” rating in a research note on Monday, December 22nd. Finally, Wall Street Zen downgraded Cincinnati Financial from a “buy” rating to a “hold” rating in a report on Sunday, February 8th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Cincinnati Financial presently has an average rating of “Moderate Buy” and an average target price of $174.33.

Cincinnati Financial Stock Down 0.7%

Shares of NASDAQ CINF opened at $163.98 on Friday. The company’s 50 day moving average price is $163.29 and its 200-day moving average price is $160.42. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.30 and a current ratio of 0.29. Cincinnati Financial Corporation has a 52-week low of $123.01 and a 52-week high of $174.27. The company has a market capitalization of $25.52 billion, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 3.65 and a beta of 0.66.

Cincinnati Financial (NASDAQ:CINF) last announced its earnings results on Monday, February 9th. The insurance provider reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.51. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $2.92 billion. Cincinnati Financial had a net margin of 18.94% and a return on equity of 8.45%. Cincinnati Financial’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.14 earnings per share. Equities analysts forecast that Cincinnati Financial Corporation will post 5.36 earnings per share for the current year.

Cincinnati Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.94 per share. This is an increase from Cincinnati Financial’s previous quarterly dividend of $0.87. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, March 24th. Cincinnati Financial’s payout ratio is 22.94%.

Cincinnati Financial Profile

Cincinnati Financial Corporation (NASDAQ: CINF) is an insurance holding company headquartered in the Cincinnati area of Ohio that provides property and casualty insurance products and related services. Founded as part of the Cincinnati Insurance group, the company operates through a set of insurance subsidiaries to underwrite and service policies for both personal and commercial customers. Cincinnati Financial is publicly traded and emphasizes underwriting discipline and long-term relationships with its distribution partners and policyholders.

The company’s core business centers on property and casualty insurance, including homeowners, automobile, commercial casualty, commercial multi-peril, and specialty commercial coverages.